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No Viva for Vivus in Settlement

Needham downgraded the biopharmaceuticals firm to Hold from Buy.

July 22, 2013

Vivus (VVUS: Nasdaq) By Needham & Co. ($14.91, July 19, 2013)

Vivus and shareholder First Manhattan announced a settlement today resulting in substantial changes to the makeup of the board of directors and the replacement of Chief Executive Leland Wilson with Anthony Zook.

The board will be expanded from nine to 11 directors. Five current members of the board are being replaced with seven First Manhattan-sponsored...